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EUR/GBP ignores UK data, stays around 12-month high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Better-than-expected UK retail sales data failed to provide impetus to Sterling, leaving the EUR/GBP cross largely unaffected just below the one-month of 0.7946 set earlier today.

    Cross higher for fourth straight day

    The cross is trading higher for the fourth consecutive session. The data released in the UK showed retail sales between February and January declined 0.4%, which was slightly better than the expected figure of 0.7%. Annualized number matched estimate of 4.8%, while core retail sales spiked 4.1%.

    However, Brexit fears are keeping the buyers away from Sterling, while weakness in the European stocks is helping EUR maintain gains. Consequently, the cross hardly reacted to the data release.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.80 handle, above which the pair could target 0.8068 (June 2010 low). On the other hand, a breakdown of immediate support at 0.7911 (Mar 17 high), under which losses could be extended to 0.7811 (previous day’s low).
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